Nuance Investments LLC Acquires Shares of 34,048 M&T Bank Corporation (NYSE:MTB)

Key Points

• Nuance Investments LLC has acquired a new stake in M&T Bank Corporation, purchasing 34,048 shares valued at approximately $6.09 million.
• M&T Bank reported an earnings per share (EPS) of $4.28 for the last quarter, exceeding analysts' expectations of $4.04, and had revenues of $2.40 billion.
• The stock has a market capitalization of $29.13 billion and currently displays a dividend yield of 2.9%, reflecting an annualized dividend of $5.40 per share.

Nuance Investments LLC acquired a new stake in M&T Bank Corporation (NYSE:MTB - Free Report) in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor acquired 34,048 shares of the financial services provider's stock, valued at approximately $6,086,000.

Other hedge funds also recently bought and sold shares of the company. Wood Tarver Financial Group LLC acquired a new stake in M&T Bank in the 4th quarter valued at about $29,000. Banque Transatlantique SA acquired a new stake in shares of M&T Bank during the 4th quarter worth approximately $38,000. Grove Bank & Trust increased its holdings in shares of M&T Bank by 104.6% during the 1st quarter. Grove Bank & Trust now owns 223 shares of the financial services provider's stock worth $40,000 after buying an additional 114 shares during the last quarter. Golden State Wealth Management LLC acquired a new stake in shares of M&T Bank during the 1st quarter worth approximately $46,000. Finally, Investors Research Corp increased its holdings in shares of M&T Bank by 31.1% during the 1st quarter. Investors Research Corp now owns 295 shares of the financial services provider's stock worth $53,000 after buying an additional 70 shares during the last quarter. Institutional investors and hedge funds own 84.68% of the company's stock.

Insider Activity at M&T Bank

In related news, EVP Peter D'arcy sold 2,461 shares of the business's stock in a transaction on Tuesday, July 22nd. The shares were sold at an average price of $197.31, for a total value of $485,579.91. Following the completion of the sale, the executive vice president directly owned 9,319 shares of the company's stock, valued at $1,838,731.89. The trade was a 20.89% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Richard H. Jr. Ledgett sold 1,277 shares of the business's stock in a transaction on Monday, July 21st. The shares were sold at an average price of $197.48, for a total transaction of $252,181.96. Following the completion of the sale, the director directly owned 4,881 shares of the company's stock, valued at approximately $963,899.88. This trade represents a 20.74% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 10,438 shares of company stock valued at $1,967,346 over the last ninety days. Insiders own 0.53% of the company's stock.

Wall Street Analyst Weigh In

A number of analysts have recently issued reports on the stock. Wall Street Zen upgraded shares of M&T Bank from a "sell" rating to a "hold" rating in a report on Wednesday, May 14th. TD Cowen started coverage on shares of M&T Bank in a report on Thursday, May 15th. They issued a "buy" rating and a $230.00 target price for the company. Piper Sandler dropped their target price on shares of M&T Bank from $220.00 to $210.00 and set an "overweight" rating for the company in a report on Tuesday, April 15th. Deutsche Bank Aktiengesellschaft upgraded shares of M&T Bank from a "hold" rating to a "buy" rating and set a $210.00 target price for the company in a report on Thursday, April 24th. Finally, Robert W. Baird dropped their target price on shares of M&T Bank from $220.00 to $200.00 and set an "outperform" rating for the company in a report on Tuesday, April 15th. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and thirteen have issued a buy rating to the company's stock. Based on data from MarketBeat, M&T Bank presently has a consensus rating of "Moderate Buy" and a consensus price target of $212.88.

M&T Bank Stock Up 1.1%

Shares of M&T Bank stock traded up $2.17 during trading on Wednesday, hitting $193.25. 1,031,893 shares of the stock were exchanged, compared to its average volume of 1,066,917. The stock has a market cap of $30.20 billion, a price-to-earnings ratio of 12.52, a price-to-earnings-growth ratio of 0.94 and a beta of 0.63. The firm's 50-day moving average price is $191.33 and its 200 day moving average price is $183.98. M&T Bank Corporation has a 12-month low of $150.75 and a 12-month high of $225.70. The company has a debt-to-equity ratio of 0.47, a current ratio of 0.97 and a quick ratio of 0.97.

M&T Bank (NYSE:MTB - Get Free Report) last released its quarterly earnings data on Wednesday, July 16th. The financial services provider reported $4.28 earnings per share (EPS) for the quarter, topping the consensus estimate of $4.04 by $0.24. The business had revenue of $2.40 billion during the quarter, compared to analysts' expectations of $2.39 billion. M&T Bank had a net margin of 20.44% and a return on equity of 10.35%. During the same period in the previous year, the company earned $3.73 EPS. As a group, analysts forecast that M&T Bank Corporation will post 16.57 earnings per share for the current fiscal year.

M&T Bank Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 30th. Investors of record on Monday, June 2nd were given a $1.35 dividend. The ex-dividend date of this dividend was Monday, June 2nd. This represents a $5.40 dividend on an annualized basis and a yield of 2.8%. M&T Bank's payout ratio is 34.97%.

M&T Bank Company Profile

M&T Bank Corp. operates as a bank holding company, which engages in the provision of retail and commercial banking, trust, wealth management, and investment services. It operates through the following segments: Commercial Bank, Retail Bank, Institutional Services and Wealth Management, and All Other.